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Reporting paid-in capital The following accounts and their balances were selected from the unadjusted trial balance of Point Loma Group Inc., a freight forwarder, at October 31, the end of the current fiscal year: Prepare the Paid-In Capital portion of the stockholders’ equity section of the balance sheet using Method 1 of Exhibit 8. There are 375,000 shares of common stock authorized and85,000 shares of preferred stock authorized.

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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 13, Problem 17E
Textbook Problem
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Reporting paid-in capital

The following accounts and their balances were selected from the unadjusted trial balance of Point Loma Group Inc., a freight forwarder, at October 31, the end of the current fiscal year:

Chapter 13, Problem 17E, Reporting paid-in capital The following accounts and their balances were selected from the

Prepare the Paid-In Capital portion of the stockholders’ equity section of the balance sheet using Method 1 of Exhibit 8. There are 375,000 shares of common stock authorized and85,000 shares of preferred stock authorized.

To determine

Prepare the paid-in capital portion of the stockholders’ equity section of the balance sheet.

Explanation of Solution

Stockholders’ Equity Section: It is refers to the section of the balance sheet that shows the available balance of stockholders’ equity as on reported date at the end of the financial year.

Prepare the paid-in capital portion of the stockholders’ equity section of the balance sheet.

Incorporation PLG
At the end of fiscal year October 31
Stockholders’ equity section (Partial balance sheet)
ParticularsAmount ($)Amount ($)Amount ($)
Paid-in Capital:   

     Preferred 2% Stock, $120 par (85,000

     shares authorized, 70,000 shares issued)

$8,400,000  
     Excess over par

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Chapter 13 Solutions

Financial Accounting
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